Credit Suisse reported on Tuesday that they have increased their price target on construction and mining equipment manufacturer, Caterpillar Inc.(CAT).

The firm, which currently has an “Outperform” rating on CAT, has raised the company’s price target to $124. This price target suggests a 31% increase from the stock’s current price of $94.63.

Analysts have increased the company’s price target as a result of surveys suggesting that sales forecasts are being met.

Caterpillar shares were mostly flat during premarket trading Tuesday. The stock has declined -7.6% in the past year.

The Bottom Line
Shares of Caterpillar (CAT) have a 2.20% dividend yield, based on last night’s closing stock price of $94.63. The stock has technical support in the $85-$90 price area. If the shares can firm up, we see overhead resistance around the $100-$101 price levels.

Caterpillar Inc.(CAT) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.